British exploration firm expects to attract investors for Irish assets despite tightening regulations

Europa Oil and Gas is focused on two frontier exploration licences off the west coast of Ireland

Europa Oil and Gas expects investor interest in Irish offshore drilling projects to remain high.

British exploration company Europa Oil and Gas expects to attract development partner interest in its offshore Ireland gas prospects despite tightening regulations making it more difficult to drill in Irish waters.

Europa has significantly downsized its Irish asset base since the Government’s ban on future oil and gas licences and is now focused on two frontier exploration licences off the west coast — including its flagship Inishkea prospect near the Corrib gas field, holding an estimated 1.5tn cubic feet of gas.

Europa will formally launch a long-awaited search for a development and funding partner for its west of Ireland assets once its acquisition of a third frontier licence is formally approved by the Government.

Meanwhile, global oil prices could drop to around $40 a barrel by 2030 if governments push to reduce fuel consumption in step with UN-backed plans to limit global warming, according to leading energy consultancy Wood Mackenzie.

The decline in demand would accelerate to a rate of two million barrels of oil per day by 2050, it said.

• Additional reporting Reuters